BitMine's 4.6M ETH Hoard: When Your Treasury Is a Whale and the Shorts Are Getting Liquidated for Fun

Ethereum decided to stop pretending it was broke and casually waltzed to a six-week high of $2,377.64 on Tuesday, surfing a wave of institutional FOMO and enough bullish momentum to power a small nation. The pump extended its winning streak to a fourth straight day, racking up a cool 13% gain like it was nothing.

Tom Lee's treasure chest, BitMine, has been playing the role of the ultimate degen, vacuuming up nearly 61,000 ETH in the last seven days. This shopping spree brings its total bag to a staggering 4.6 million ETH, which is roughly 3.81% of the entire supply—because why diversify when you can just become the market? The firm hit the buy button even harder, with analysts whispering that the asset's price might be scraping a local bottom, or as we call it in crypto, a "discount."

Spot Ethereum ETFs finally remembered how to do their job, marking their first 5-day inflow streak since mid-January and sucking in a net $248 million. It's not quite "number go up" machine status, but it's a start.

Tuesday's party got an extra shot of adrenaline from a classic short squeeze after ETH bulldozed past $2,300, vaporizing a large congregation of overconfident bears. Nothing says "rekt" quite like watching your leveraged bet get liquidated to fuel the very pump you bet against.

On the charts, Ethereum price has officially ghosted both the 20-day and 50-day moving averages, suggesting the bulls have finally found the car keys. It also casually stepped over the key $2,200 resistance level like it was a crack in the sidewalk.

The Supertrend indicator has flipped green for the first time since January 20, which in trader parlance typically signals it's time to put your helmet back on. The 20-day and 50-day SMAs are inching toward a bullish crossover, a technical hug that suggests upward momentum is getting its second wind.

The next major hurdle for the bulls is chilling at $2,594. A clean break above could be the launchpad for a full-blown send toward the psychological $3,000 level. On the flip side, if the price forgets how to hold support at the 50-day SMA near $2,118, we might be in for a not-so-fun retest of the lower decks.